UK businesses are being urged to plan in advance to avoid missing or delaying crucial payments over the Christmas and New Year holidays.
Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK, is reminding businesses to make plans to ensure staff and suppliers don’t miss out because of the non-processing days over the festive period.
If starting a new company is a risky venture, then keeping it afloat once it has been launched is even riskier. So why should larger companies - which are generally seen as more secure - be granted the additional safety net of guaranteed payment collection by Direct Debit, when that same vital cash-flow protection isn’t offered to smaller companies?
If your business has a turnover of less than three million a year and you want to collect customer payments by Direct Debit, the chances are your bank will turn you down because you are seen as too great a risk for the bank to ‘sponsor’ your application to collect payments by Direct Debit.
With the New Year a little more than half way through, one local company is already celebrating the fact that 2017 is likely to be the most successful in its decade and a half history.
Eazipay Ltd, based in Ely, Cambridgeshire, has been at the forefront of collecting and processing automated payments like Direct Debit for over 15 years. While the company has seen year-on-year growth over that period, 2017 is shaping up to be a bumper year as the company announces the appointment of five new members of staff to help it meet the demand for its automated payment processing services.
Eazipay Ltd, one of the UK’s leading automated payment processing companies, is celebrating an unprecedented start to 2017 with record breaking business performance levels.
A staggering £173.1 million worth of Direct Debits have been processed on behalf of its clients during the first four months of 2017, signalling the company’s best ever opening period in its 15 year history.
The results of a comprehensive public consultation into Direct Debit will be a key theme at the Emerging Payments Association’s (EPA) Pay 360 Digital Payments Annual Conference today (24 May), following its publication by lead sponsor Bacs Payment Schemes Limited (Bacs).
The consultation on Direct Debit – which is used to pay 73 per cent of household bills – was carried out in late 2016 and included a call for public responses, market research, as well as in-depth interviews with stakeholders.